your job search and tax deductions

Your Job Search Expenses May Be Tax-Deductible, by Monster.com, cover what you can and can’t take as a tax deduction during your job search.

Categories of deductions:

  • Outplacement and Employee Agency Fees
  • Resume Preparation, Mailing and Related Expenses
  • ravel and Transportation Expenses

However, there are four things you have to take into consideration, they advise:

  • You Must Be Looking for a Job in the Same Occupation
  • You Can’t Take a ‘Substantial Break’ Between Your Previous Job and Your Search
  • You Can’t Be Looking for Your First Job
  • Job Search and Other Miscellaneous Deductions Must Exceed 2 Percent of Adjusted Gross Income

And, best of all:

What if December 31 rolls around and you’re still looking? Relax — you can write off well-documented job search expenses for the year just ended, even if they haven’t yet paid off with a new job.

Author: Paloma Cruz

Find out more about Paloma Cruz through the About page. Connect with her on Twitter (www.twitter.com/palomacruz) and (Facebook).

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